HERITAGE BANKSHARES, INC.
Chief Executive and Principal Financial Officer
Code of Ethics
Heritage Bankshares, Inc. and its subsidiaries promotes ethical conduct in the practice of financial management and reporting. The Chief Executive Officer and Chief Financial Officer hold an important and elevated role in corporate governance. They are uniquely capable and empowered to ensure that all stakeholders' interests are appropriately balanced, protected and preserved. This Code provides principles to which these individuals are expected to adhere and advocate. Violations of the Code of Ethics may subject the individual to termination of his/her employment with the Company.
The Chief Executive Officer and the Chief Financial Officer will:
Violations of this code must promptly be reported to the members of the Audit Committee of the Company. In order for notification to be considered "prompt" within this policy, any violations must be communicated to the Committee within 72 hours of discovery. Communication may take the form of a verbal communication or a written communication. In the case of a verbal communication, it must be followed by a written communication within 24 hours of the verbal communication.
NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS
By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transactional account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositorsí accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit ownership category.
For more information about FDIC insurance coverage of noninterest-bearing transaction accounts, Click Here.